• Job Description

  Req#: 24032583

  Job Description:

  At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
  
  One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
  
  Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
  
  Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference.

  Join us!
  
  Job Description:
  Responsible for the analysis of complex legal issues and implications on matters of significant impact to Banks, excluding GBAM, litigation activities. Provides advice on new or existing products or services. Coordinates the work of outside legal counsel on related projects. Supervises activities of other legal department staff, including other attorneys, paralegals, and support staff. Individuals in this position typically have eight or more years of experience since admission to the Bar.
  
  Responsibilities:
  

  Core Responsibilities:
  

  Vendor Management:

  • Oversee relationships with all law firms, ensuring quality and efficiency in legal services.
  • Negotiate contracts and fee arrangements to optimize value and control costs.

  2. Budget Management:

  • Manage a substantial nine-figure budget, ensuring alignment with the department’s financial goals.
  • Monitor spending, forecast budget needs, and implement cost-saving measures without compromising service quality.

  3. Strategic Planning:

  • Develop and implement strategies for selecting and managing outside counsel.
  • Ensure alignment with the company’s overall legal strategy and business objectives.

  4. Performance Monitoring:

  • Evaluate the performance of outside counsel, setting KPIs and working with relationship managers to conduct regular reviews.
  • Implement corrective actions or changes in counsel when necessary to maintain high standards.

  5. Process and Risk Management:

  • Identify and mitigate risks associated with outside legal services.
  • Work with the Legal vendor managers to understand and oversee compliance with legal and regulatory requirements.

  6. Collaboration and Communication:

  • Act as a liaison between internal stakeholders and external law firms.
  • Facilitate effective communication to ensure that legal services meet the organization’s needs.
  • Develop legal risk assessments explaining complex legal concepts in an accessible manner to the board and senior management.

  Managerial Responsibilities :
  This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.
  • Breaks down barriers to create a more inclusive environment that supports company D&I goals
  • Challenges end-to-end process efficiency and effectiveness, champion data driven decision-making and removes obstacles to optimize operations
  • Contributes to enterprise strategy and influence messaging to connect team contributions to business purpose, results, and success
  • Inspects and challenges risk controls, governance and culture to ensure the timely identification, escalation, debate and remediation of risk across the organization
  • Coaches to sustain and elevates organizational performance while differentiating to ensure pay for performance
  • Efficiently allocates and manages resources across the organization to drive short and long term profitability
  • Inspects and manages the health of the bench to ensure succession for the organization, while supporting enterprise talent needs
  • Mobilizes organizational resources to deliver the full range of the bank’s capabilities to meet client needs and to gain competitive advantage

  • Legal Expertise: In-depth knowledge of legal practices and the ability to assess legal risks.
  • Financial Acumen: Strong budgeting and financial management skills.
  • Negotiation Skills: Ability to negotiate favorable terms with law firms.
  • Strategic Thinking: Capability to develop and implement long-term strategies for legal services.
  • Communication Skills: Excellent verbal and written communication skills.
  • Analytical Skills: Excellent attention to detail and ability to leverage data to provide intelligence
  • Leadership: Proven leadership abilities to manage a large, diverse portfolio of external partners and internal team

  Required & Desired Qualifications

  Juris Doctor

  This role requires a blend of legal expertise, strategic vision, and strong managerial skills to effectively oversee a large network of external legal partners and manage a significant budget efficiently.

  • Legal Expertise: In-depth knowledge of legal practices and the ability to assess legal risks.
  • Financial Acumen: Strong budgeting and financial management skills.
  • Negotiation Skills: Ability to negotiate favorable terms with law firms.
  • Strategic Thinking: Capability to develop and implement long-term strategies for legal services.
  • Communication Skills: Excellent verbal and written communication skills.
  • Analytical Skills: Excellent attention to detail and ability to leverage data to provide intelligence
  • Leadership: Proven leadership abilities to manage a large, diverse portfolio of external partners and internal team

  • Interpret Relevant Laws, Rules, and Regulations
  • Advisory
  • Problem Solving
  • Risk Management
  • Stakeholder Management
  • Influence
  • Legal Drafting and Writing
  • Regulatory Compliance
  • Issue Management
  • Mentoring
  • Adaptability
  • Legal Structures and Legal Forms
  • Policies, Procedures, and Guidelines
  • Drives Engagement
  
  Minimum Education Requirement: Juris Doctor

  Shift:

  1st shift (United States of America)

  Hours Per Week:

  40

  Pay Transparency details

  US - NY - New York - 114 W 47TH ST (NY8114)

  Pay and benefits information

  Pay range

  $235,000.00 - $310,300.00 annualized salary, offers to be determined based on experience, education and skill set.

  Discretionary incentive eligible

  This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

  Benefits

  This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

• About the company

  Bank of America is one of the world's largest financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

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